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Bristow Group Reports First Quarter 2025 Results

On May 6, 2025, Bristow Group Inc. released its financial results for the first quarter of 2025, reflecting total revenues of $350.5 million, a decrease from $353.5 million in the previous quarter. The company also reported a net income of $27.4 million, which translates to $0.92 per diluted share, down from $31.8 million and $1.07 per diluted share in Q4 2024. Despite these figures, Bristow remains optimistic about its outlook for both 2025 and 2026.

Financial Highlights

In breaking down the financial data, the following key points were highlighted:

• - Total Revenues: Q1 2025 revenues were $350.5 million, down from $353.5 million in Q4 2024.
• - Net Income: The net income for Q1 2025 was reported at $27.4 million, compared to $31.8 million in Q4 2024.
• - Adjusted EBITDA: The company reported an Adjusted EBITDA of $57.7 million which remained consistent with the previous quarter.
• - Outlook for 2025 and 2026: Bristow affirmed its Adjusted EBITDA forecast of $230 million to $260 million for 2025 and $275 million to $335 million for 2026.

Segment Analysis

Bristow's business consists of three segments: Offshore Energy Services, Government Services, and Other Services. The revenue performance in these segments was as follows:

• - Offshore Energy Services: Revenues slightly decreased by $0.4 million to $239.8 million. This includes variances in revenue due to geographic factors, where lower activity was noted in Europe, offset by increases in the Americas and Africa.
• - Government Services: The segment experienced a revenue increase of $3.4 million, primarily due to the transition of the Irish Coast Guard contract.
• - Other Services: This segment saw a revenue decline of $6.0 million, attributable to lower seasonal utilization and unfavorable exchange rates.

The company's CEO, Chris Bradshaw, expressed confidence in Bristow's operational stability despite the macroeconomic risks impacting various industries. He pointed out that the government services side of the business, in particular, offers a robust underpinning for future growth, especially given the essential nature of search and rescue operations and other governmental contracts.

Cash Flow and Outlook

As of March 31, 2025, Bristow held $191.1 million in unrestricted cash and had an additional $63.2 million available under its revolving credit facility. This strong liquidity position is a positive indicator amid fluctuating market conditions. The report indicates cash flow from operations saw a slight dip, providing a net cash flow of -$603,000 compared to positive cash flows in the previous quarter.

Upcoming Conference Call

To discuss these results in further detail, Bristow management will host a conference call on May 7, 2025. This will be an opportunity for investors and stakeholders to gain deeper insights into the company’s strategic direction and operational priorities.

Conclusion

Bristow Group Inc. continues to navigate challenges while striving for growth in its aviation services across the offshore energy and government sectors. The outlook for 2025 and 2026 emphasizes resilience and adaptability, ensuring Bristow's position as a leader in the vertical flight solutions market. With ongoing investments in aircraft and services, the company is poised to maintain its operational effectiveness and support its diverse global clientele.